Raymond Re-appoints Gautam Singhania As MD Amid Divorce Settlement Dispute

New Delhi: Raymond Ltd board has re-appointed Gautam Singhania as the Managing Director for another five-year term starting from July 1, 2024. Gautam Singhania is currently engaged in a settlement dispute with his estranged wife, Nawaz Modi Singhania, followed by their divorce announcement in November 2023.

Last month, In April 2024, Nawaz Modi Singhania was removed from the boards of three privately held companies which are JK Investors (Bombay), Raymond Consumer Care (RCCL), and Smart Advisory and Finserve. The settlement dispute between the couple has attracted significant public interest. (Also Read: Adani Green Reports 30 Pc EBITDA Growth In FY24, Revises Target To 50 GW For 2030)

“The re-appointment of Mr Gautam Hari Singhania as Managing Director is subject to approval of the Members of the Company and is in compliance with the requirements of Stock Exchange circulars NSE/CML/2018/24 and BSE/LIST/COMP/14/2018-19 both dated June 20, 2018.” company stated in an exchange filing. (Also Read: LIC Claims Settlement Procedure: 8 Key Things You Want To Know About Maturity Claims)

The company said, "The group has made enormous progress under the stewardship of Mr. Singhania and his vision is to take the Raymond Brand from being amongst the most respected Indian brands to being amongst the best in the global markets,".

Despite the controversy, Raymond Ltd. emphasised Gautam Singhania's accomplishments and leadership skills in the regulatory filing that announced his re-appointment. Nawaz Modi, who is seeking 75 percent of Gautam Singhania's total net worth as part of the divorce settlement has mentioned that she wants 25 percent of that to go to her daughters.